North Carolina Down Payment Assistance Systems

Online Payments - These systems will be the Mortgage Credit Certificate as well as the Down Payment Assistance System.

Also you purchase a home between December 1, 2009 and January 1, 2009 and should you qualify for one of the plans, you might also be eligible for the $8,000 tax credit just enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? There is a First Time Home Buyer someone who has not owned a home in the prior three years. Here is exactly the same qualifying definition for the $8,000 tax credit.

What is a Mortgage Credit Certificate and Who Qualifies?

A Mortgage Credit Certificate (MCC) is a federal tax credit to assist home buyers with average and low incomes. An MCC “reduces your tax liability depending on a portion of the mortgage interest that you pay.

It is possible to claim 20% of the interest you pay as a credit on your own federal income taxes in case you qualify for the MCC. You are able to save as much as .

You may be able to join this should you qualify for 2009, for the MCC. This may reduce a purchaser's tax liability .

Who Qualifies for an MCC?

Household income is defined as the “gross income of the mortgagor and any individual expected to reside in the dwelling who is 18 years old or older.”

House price limitations Durham and Chatham Counties and the income are listed below.

MCC Income Limitations 1 Man $61,500 2 Men $61,500 3 Men $70,500 4 Persons $70,500

MCC Sales Cost Limitations New House $220,000 Existing House $210,000

The buyer just needs to pay and the load would pay as much as $8,000 of the remaining balance.

This plan has more rigorous income limitations than the MCC plan outlined above. Like the MCC application, it could be used along with the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The deposit help, nonetheless, can't be used in conjunction together with the MCC. It is an either or scenario.

The income and house price limitations that apply in Durham, Orange and Chatham Counties are listed below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Individuals $45,650 3 Persons $51,350 4 Persons $57,050

Down Payment Support Sales Price Limits New Dwelling $210,000 Existing Home $210,000